Hi all,
not looking for advice per say but more peoples opinions.
My partner and I have spotted a old house with potential that recently came on the market at auction. All bids on the day were rejected and the house withdrawn from the market but we have kept in touch with the auctioneer since as we were highest bidder on the day (but no obilgation to buy since it was withdrawn).
In brief, had our solicitor look at the contracts and the following issues were raised:
1)Sale of Contract excludes Condition 36, which pertains to planning / boundry issues etc.
2) There are substantial judgements against the property (various banks owed over 1million euro (!)
We are first time buyers but not totally innocent to the potential legal minefield and hassles we could get into. Solicitor has advised rightly to put an offer on the table at a low low figure and see if they are willing to come down to this. Then, and only then, would we pay an engineer to do a full report and investigate the Cond.36 issues fully to see what we are dealing with.
Also, we are guessing that any offer we do put in would be dependent on the actual banks that have the judgements agreeing to the amount?
Naturally mortgage lender will not loan the amount required unless we have things clarified with the property. One option was to negotiate with the vendor's solicitor to remove the exclusion to Cond.36 but that doesnt solve any issues with the property legally.
Going to have a long think over next day or two and see how to proceed. Its a lovely house, needs work but not huge amount and its a house we could see ourselves grwoing old in.
Sentimentality aside - we don't have a lot of experience in this area.
What would be your thoughts on it? SHould we throw towel in now and walk away or proceed with caution? All hypothetical I know, but what has your experience taught you in situations like these?
Thanks a million, look forward to your replies ...
not looking for advice per say but more peoples opinions.
My partner and I have spotted a old house with potential that recently came on the market at auction. All bids on the day were rejected and the house withdrawn from the market but we have kept in touch with the auctioneer since as we were highest bidder on the day (but no obilgation to buy since it was withdrawn).
In brief, had our solicitor look at the contracts and the following issues were raised:
1)Sale of Contract excludes Condition 36, which pertains to planning / boundry issues etc.
2) There are substantial judgements against the property (various banks owed over 1million euro (!)
We are first time buyers but not totally innocent to the potential legal minefield and hassles we could get into. Solicitor has advised rightly to put an offer on the table at a low low figure and see if they are willing to come down to this. Then, and only then, would we pay an engineer to do a full report and investigate the Cond.36 issues fully to see what we are dealing with.
Also, we are guessing that any offer we do put in would be dependent on the actual banks that have the judgements agreeing to the amount?
Naturally mortgage lender will not loan the amount required unless we have things clarified with the property. One option was to negotiate with the vendor's solicitor to remove the exclusion to Cond.36 but that doesnt solve any issues with the property legally.
Going to have a long think over next day or two and see how to proceed. Its a lovely house, needs work but not huge amount and its a house we could see ourselves grwoing old in.
Sentimentality aside - we don't have a lot of experience in this area.
What would be your thoughts on it? SHould we throw towel in now and walk away or proceed with caution? All hypothetical I know, but what has your experience taught you in situations like these?
Thanks a million, look forward to your replies ...